The Final Charge , Phase I/II MND Results & FDA ODD Approval Catalyst, page-30

say average price heads .07
sell for .17
make .10c profit, guaranteed.

say 1m sold, book $170k, $100k profit.

If results bad and share price nose dives , not a bad result.

If results good, use $150k to convert your 1m options.
Still have 1m shares , sp probably now .50c, not bad.

higher risk strategies available of course if you are confident in the result, with bigger return.

In this case sell none, let SP run to .50c
convert only 300k to get your $150k to convert 1m
end up with 1.7m at .50c rather than 1m in above scenario.

1.75m is better, but 1M isn’t bad either, particularly if you have seen potential profit disappear a couple of times already ( canine Elanco ).

Each of us has our own risk profile.
I don’t see the selling as “what bad news don’t we know”. Rather various holders getting their house in order depending on risk profile.

cheers